Senate Begins Probe Of Missing PHCN N27bn Pension Funds

The Senate on Monday opened investigation into the alleged ‘missing’ N27bn meant for the payment of the pension of former staff of the defunct Power Holding Company of Nigeria.

The probe by the Senate followed a petition by the disengaged staff under the aegis of National Association of Disengaged Staff of PHCN.

Presenting the petition before the Senate Committee on Ethics, Privileges and Public Petitions on Monday, the Deputy Chairman of the PHCN workers, Alhaji Lawal Magini, told the panel that it relied on some media reports alleging that N27bn meant to clear pension was approved and paid but was diverted by a private insurance company, BestWorth Insurance Brokers.

The workers through their lawyer, Emmanuel Okere, told the Senate panel that the matter was currently being investigated by the Economic and Financial Crimes Commission.

He called on the Senate to use its power to invite the Bureau of Public Enterprises, the EFCC, BestWorth insurance Brokers and Polaris Bank for questioning.

The Senate panel, however, stepped down the petition.

The chairman of the panel, Senator Ayo Akinyelure, advised the petitioners and their lawyer to furnish his panel with more documentary evidence to drive its investigation to logical conclusion as it could not rely solely on circumstantial evidence.